Norwich and Peterborough trying to renegotiate existing Tracker contracts?

baby_boomer

Nationwide BS is also suffering from its overgenerous policy to mortgage holders.

I say, Nationwide. What I really mean is that Nationwide's savers are suffering and will continue to suffer for years to come.

Maybe N&P is testing the water with the authorities on behalf of big daddy Nationwide?

Basically directors of mutuals need to lose their naive business approach if they are to make mutuality a benefit for all members.

Both of these societies have played to the press, MP and public gallery - and now they [I mean their members] are suffering for it.

Directors never suffer. Ask the Chelsea directors who destroyed that society and are now sunning themselves at the start of a wealthy retirement.

lisyloo

but they surely can't just arbitarily change the modifier rate (i.e. +1.15% to +3.4% in this case) given that that's what the OP signed up to in the first place

It does indeed depend on what the OP signed up to, including all the small print.
I don't have access to that so can't judge, but some do have the facility for change int he contract.
Are we totally 100% sure about the exact contents of the contract?
I suspect not.

Mr.Brown_4

I suppose I am one of the fortunate ones on here, not due to economic expertise on my part I can assure you, just luck! My InsideTrack interest only mortgage is set at 8.34% for the entire term, and in twenty years the separate Bank of Greece endowment policy will pay off the balance. As the expert adviser explained to me at the time - it may look expensive when interest rates are low but when they return to long term nominal based asset... (I drifted off at that point)... they will become much cheaper.

So am looking forwards to being quids in the future. MSE. You know it makes sense.